Debt Consolidation Credit Counseling In Phoenix

Due to the credit crunch the credit industry is a little bit shaken. They don't like it one little bit. They truly are beginning to take some dramatic steps in order to ensure that they only have the best and most reliable customers. They are also using some quite cheeky methods to ensure that people can't get themselves and therefore their company in even more debt. However in the rubble of a building, flowers still grow and in this economic earthquake, who knows what may shake lose?

There is a need to compare your credit card for the reason mentioned above. The credit card industry changes so fast, because of the competition, that new offers and cards appear all of the time. Also, as the economic climate changes, the types of cards change to reflect this. Currently, for example, the credit crunch is having an effect on credit cards. You would expect economic enforced changes to be negative during a recession and positive in a growth; however this isn't necessarily the case. Even with all the cut backs and increased credit applications a few gems can and do appear.

There are signs that this may be the case - of course it could just be wishful thinking but you should remain optimistic. One of these is that balance transfer fees are in some instance being dropped. This is strange. Because people are getting worried about their financial situation, especially any debt they may have, banks are saying 'hey look at us, transfer your existing balance for free and pay it off for free'. There are two things going on here 1) people are stopping using and transferring their cards as much and the credit companies are losing out and 2) people want to pay off there cards and therefore find this deal attractive generally. It is odd because when introduced in 2004, transfer fees were designed to stop people from making serial transfers and getting away with the free pay offs.

So cards change both to outdo each other and in response to the economic climate. There are other reasons why new cards are introduced but this is the general picture. It is this constant mutating that means you, as a customer, should constantly compare your credit card with others on the market for new deals. You may seriously be missing something that could save you a small fortune or help you financially in some other way.

Of course there is a flip side to all of this that must be mentioned, albeit briefly. Credit cards are becoming slightly more difficult to get approval for. Credit checks are becoming stricter. Also some companies have slashed their customer's credit limits and put up some of their charges, for example charges for usage abroad and cash machine usage. Basically the companies are scared; they are torn between making a profit by getting more customers and cutting their loses. They want all of the best customers and none of the weaker ones. It is possible that one company may become an ark for all of the strong credited whereas other companies crumble and get washed away.

In 2006 133.2 billion was spent on credit and charge cards; this is a phenomenal amount, so there is no doubt that credit cards are here to stay and a major part of everyday financial reality. Because it is such a huge industry, new cards are introduced each year to compete with each other and to reflect the needs of the current economic climate. As it is so fast moving it is worth comparing your credit card with others on the market because you never know when the perfect credit card may come along.